ICO Global Communications Announces Completion of $30 Million Rights Offering

15 March 2010

ICO Global Communications (Holdings) Limited (NASDAQ: ICOG) (“ICO” or the “Company”) announced today that it has completed its previously announced fully backstopped rights offering. The Company received $30 million in gross proceeds in connection with the exercise of subscription rights by its stockholders and will be issuing 42,870,000 new shares of the Company’s Class A stock to participating stockholders. The rights offering, which expired at 5:00 p.m., New York City time, on March 9, 2010, was conducted via an existing effective shelf registration statement. No shares were sold pursuant to the backstop commitments because all of the available shares were purchased by existing stockholders through the rights offering.

“We are pleased with the overwhelming support from our stockholders for this offering,” noted Company chairman and chief executive officer Ben Wolff.

The proceeds from the rights offering are currently expected to be used for ongoing operational expenses. The Company expects to invest the net proceeds in short-term, investment-grade securities.